Missouri officials say the former head of Mamtek has agreed to return from California to face charges of theft and securities fraud stemming from a failed factory project.
Missouri Attorney General Chris Koster’s office says Bruce Cole waived extradition during a California court appearance Wednesday.
Cole was CEO of the failed sweetener company that received $39 million of industrial development bonds from the city of Moberly to build a new plant. He is charged with using bond revenues to avoid foreclosure on his Beverley Hills home and misleading investors about his company’s financial health.
Construction on the Moberly project was halted after a bond payment was missed last year. The state had offered $17 million worth of incentives but none were paid.